See which companies made headlines before the bell. Delta Air Lines — Shares fell 9% after the airline issued a lower-than-expected sales growth forecast for the current quarter. Net income also fell 30% in the second quarter despite revenue hitting record highs. Costco Wholesale — Shares of Costco added nearly 3% after the wholesale club raised membership fees for the first time since 2017. The company raised the cost of its annual membership by $5 in the U.S. and Canada and increased its top-tier plan by $10. Pfizer — Shares rose about 3% after the drugmaker said it would continue developing a daily version of its weight-loss pill after “encouraging” data in an early-stage trial, and plans to conduct studies in the second half of the year to evaluate multiple doses of the drug. PepsiCo — Shares fell 2% after the beverage and snack giant reported a slight decline in revenue for the second quarter and cut its full-year revenue outlook. PepsiCo now expects organic revenue growth of about 4%, versus its previous forecast of at least 4%. Its adjusted quarterly earnings per share came in above expectations. On Semiconductors — On Semiconductor fell 3%. Morgan Stanley downgraded the stock to underweight, citing concerns about headwinds limiting multiple expansion opportunities. WD-40 — Shares of WD-40 rose 10% after stronger-than-expected fiscal third-quarter results. The mineral lubricant maker beat Wall Street estimates on the top and bottom lines, posting earnings of $1.46 per share and $155 million in revenue. Darden Restaurants — The parent company of Olive Garden fell 1.6% after Jefferies downgraded the company from hold to underperform. Jefferies said the company could see challenges to its fundamentals in the near term. Alcoa — Shares of the aluminum producer rose 2.7% after reporting stronger-than-expected preliminary second-quarter results. Alcoa said it expects adjusted earnings of 8 cents to 19 cents per share, above the 7 cents per share forecast by analysts polled by FactSet. Revenue is estimated at $2.85 billion to $2.925 billion, beating analysts’ expectations of $2.83 billion. Spotify — Shares of the audio streaming player rose about 2% after Jefferies upgraded the stock to buy from hold and named it a top pick in the music industry. The investment firm said Spotify has room for continued price appreciation in the coming years. MicroStrategy — Shares of MicroStrategy rose more than 4% after the bitcoin developer announced a 10-for-1 stock split. — CNBC’s Jesse Pound, Tanya Machel, Michelle Fox, Alex Haring, Hakyung Kim and Sarah Min contributed to the report
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Stocks that made the biggest moves before the market: DAL, COST, PFE
